Resilience Fund-Tahoe receives $100k investment to kickoff business loans
The Resilience Fund-Tahoe received its first $100,000 investment, from Tahoe resident Kyle Neath. This initial $100,000 was then matched by the city of South Lake Tahoe. The first loan went to Freshies just last week.
“Local investing is a great way to have an outsized impact, support the community you live in, and invest in a business you can really build a lot of context on,” Neath said. “Right now, as the stock market soars and our local businesses struggle to stay open, it’s more important than ever to think about how to redirect some of those gains to local businesses.”
This is exactly why the Resilience Fund Tahoe was set up – so that locals, and visitors who love Lake Tahoe, can directly contribute to support local businesses in this current pandemic. If you have the means and want to help local businesses with low-cost (0-2% loans) in Incline Village, Zephyr Cove, Meeks Bay or South Lake Tahoe, please consider donating or investing today at Resilience Fund-Tahoe.
Neath feels this is exactly where funds should be going in this current crisis and is in a fortunate position to be able to contribute. He hopes others will join his generosity so more businesses can be helped – especially with all the uncertainty around re-opening and the new spike in COVID-19 cases locally.
“We want to encourage other local Tahoe residents, who are in a position to donate or invest, to do so and match the generosity of Kyle and numerous other residents who have already contributed to the Resilience Fund – Tahoe as well. Currently, we have almost $250,000 committed to the fund, but our goal for this year is $1 million,” saids Tahoe Chamber CEO, Steve Teshara.
The Resilience Fund – Tahoe is an expansion of the successful Resilience Fund – Sierra started in Truckee and North Lake Tahoe by the Sierra Business Council. They have already funded more than 20 loans, helping 12 businesses reopen and saving more than 120 local jobs.
Funds in this revolving loan program continually help local businesses. They can apply for loans between $5,000 and $25,000 with favorable terms (5-year repayment at 2% interest) and can use the funds to restock their restaurant pantry after a long closure, hire back employees to begin to reopen, or purchase needed items to ensure social distancing and continued revenue generation.
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